Thursday, 22 September 2016

Nigerian startup, ToLet.com.ng raise US$1.2 million to expand across the country

ToLet.com.ng, a Lagos-based classified property platform, has raised US$1.2 million in a Series A funding round to expand across the country over the next 12-18 months.

The investment was secured from Frontier Digital Ventures, a Malaysia-based investment firm that has invested in several classifieds companies in Africa such as Ghana’s meQasa and Cameroon’s Afribaba.

The startup will also use the funds to improve the platform’s tech offering to both property seekers as well as that used by listing agents, and for improved marketing efforts.

Launched in 2012, ToLet.com.ng provides users the best property search experience, be it online or offline, through a fast and smooth online search system.
The online platform connects users with legitimate and verified real estate agents to ensure the offline/physical aspect of their property search is equally seamless.

The startup received US$230,000 in seed funding from Jason Njoku’s startup accelerator, Spark.ng in 2013, and subsequently rebranded to ToLet.com.ng from Estanode.com

Since then, it has quietly grown into one of the leading and recognizable online property portals in Nigeria, and aims to become the largest property vertical in Africa by 2020.

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